Legacy Education Inc (LGCY) 2026 Q3 法說會逐字稿

Good day, and welcome to the Legacy Education Inc's third quarter fiscal 2026 earnings conference call. Today's call is being recorded and broadcast live. It will also be archived on the Legacy Education website for future reference. To kick off the call, I will turn it over to Nicole Joseph, Senior Vice President of Legacy Education.

大家好，歡迎參加 Legacy Education Inc 2026 會計年度第三季財報電話會議。今天的電話會議將被錄音並進行現場直播。此外，也將存檔於 Legacy Education 官網以供日後查閱。為開始本次會議，我將把時間交給 Legacy Education 資深副總裁 Nicole Joseph。

Thank you, and hello, everyone. Legacy Education has issued a news release reporting its financial results and corporate developments for the third quarter and nine months ended March 31, 2026. The release is available in the Investor Relations section of our corporate website at legacyed.com.

謝謝，大家好。Legacy Education 已發布新聞稿，報告截至 2026 年 3 月 31 日止第三季及前九個月的財務結果與公司發展動態。該新聞稿可於我們公司網站 legacyed.com 的投資人關係專區取得。

With us today on the call are LeeAnn Rohmann, Chief Executive Officer; and Brandon Pope, Chief Financial Officer. On today's earnings call, statements made by Legacy's management regarding the company's business, which are not historical facts, may be forward-looking statements as identified in federal securities laws.

今天與會的還有 Legacy Education 執行長 LeeAnn Rohmann，以及財務長 Brandon Pope。在今天的財報電話會議中，Legacy 管理層就公司業務所作、非屬歷史事實之陳述，可能構成聯邦證券法所界定的前瞻性陳述。

The words may, will, expect, believe, anticipate, project, plan, intend, estimate and continue as well as similar expressions are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance.

「可能」、「將」、「預期」、「相信」、「預估」、「推估」、「計畫」、「意圖」、「估計」及「持續」等字眼，以及類似用語，旨在辨識前瞻性陳述。前瞻性陳述不應被解讀為對未來績效的保證。

The company cautions you that these statements reflect current expectations about the company's future performance or events and are subject to a number of uncertainties, risks and other influences, many of which are beyond the company's control that may influence the accuracy of the statements and projection upon which the statements are based.

本公司提醒您，這些陳述反映公司對未來績效或事件的目前預期，並受多項不確定性、風險及其他影響因素所左右，其中許多超出公司控制範圍，可能影響這些陳述及其所依據之預測的準確性。

Factors that may affect the company's results include, but are not limited to, the risks and uncertainties discussed in the Risk Factors section of the annual report on Form 10-K and the quarterly report on Form 10-Q filed with the Securities and Exchange Commission. Forward-looking statements are based on the information available at the time those statements are made and management's good faith belief as of the time with respect to future events.

可能影響公司業績的因素包括但不限於：公司向美國證券交易委員會（SEC）提交之 Form 10-K 年度報告及 Form 10-Q 季度報告中「風險因素」章節所討論的風險與不確定性。前瞻性陳述係基於作出該等陳述時可得之資訊，以及管理層於當時就未來事件所持之善意信念。

All forward-looking statements are qualified in their entirety by this cautionary statement, and Legacy undertakes no obligation to publicly revise or update any forward-looking statements, whether as a result of new information, future events or otherwise after the date thereof.

所有前瞻性陳述均受本警示性聲明之完整限制；Legacy 不承擔於其後因新資訊、未來事件或其他原因而在該等陳述作出日後公開修訂或更新任何前瞻性陳述之義務。

I will now hand the call over to LeeAnn Rohmann, CEO of Legacy Education. LeeAnn, to you.

接下來我將把電話會議交給 Legacy Education 執行長 LeeAnn Rohmann。LeeAnn，交給你。

Thank you, Nicole, and good afternoon, everyone. Welcome to Legacy Education's third quarter fiscal 2026 earnings call. I'm joined today by our Chief Financial Officer, Brandon Pope. Q3 was another strong record-breaking quarter for Legacy Education. I want to frame today's call around three key messages: we continue to grow profitably in the health care education market supported by workforce demand; we are demonstrating operating leverage in our core academic delivery model; and we are using our balance sheet and profitability to build capacity for the next phase of growth.

謝謝你，Nicole，大家午安。歡迎參加 Legacy Education 2026 會計年度第三季財報電話會議。今天與我一同出席的還有我們的財務長 Brandon Pope。第三季對 Legacy Education 而言是另一個強勁、再創紀錄的季度。我想以三個關鍵訊息來架構今天的電話會議：我們在醫療照護教育市場中，在人力需求支撐下持續獲利成長；我們在核心教學交付模式上展現營運槓桿；以及我們運用資產負債表與獲利能力，為下一階段成長建立產能。

Put simply, Legacy is not only growing, Legacy is scaling. We are building a larger, stronger, more disciplined health care education platform designed to support students, employers, communities and shareholders over the long term. Legacy Education operates in one of the strongest and most durable sectors in the US economy. Health care workforce shortages remain structural across nursing, imaging, sonography, surgical technology, sterile processing and other medical support fields.

簡而言之，Legacy 不僅在成長，還在擴大規模。我們正在打造一個更大、更強、更具紀律的醫療照護教育平台，旨在長期支持學生、雇主、社區與股東。Legacy Education 所處的是美國經濟中最強勁且最具韌性的產業之一。醫療照護人力短缺在護理、影像、超音波、手術技術、無菌處理及其他醫療支援領域仍屬結構性問題。

These shortages are being driven by long-term trends, demographic shifts and aging population, increasing health care utilization, expanded across -- expanded access to care and rising clinical complexity. As I've previously stated, technology and AI can support health care professionals, but health care still depends on skilled people, delivering care, judgment, compassion and hands-on expertise.

這些短缺由長期趨勢所驅動，包括人口結構變化與人口老化、醫療使用量增加、照護可近性擴大，以及臨床複雜度上升。如我先前所述，科技與 AI 可以支援醫療專業人員，但醫療照護仍仰賴具備技能的人才，提供照護、判斷、同理心與實作專業。

The reality reinforces the long-term value of high-quality health care education and workforce training. Legacy is positioned directly in that need, training students for essential high-demand careers and building a scalable platform to support that demand. For the quarter ended March 31, 2026, revenue increased 15% to $21.4 million compared to $18.6 million in the prior year quarter.

這樣的現實再次凸顯高品質醫療照護教育與人力培訓的長期價值。Legacy 正位於此需求的核心，培訓學生投入關鍵且高需求的職涯，並打造可擴展的平台以支撐該需求。截至 2026 年 3 月 31 日止季度，營收較去年同期的 1,860 萬美元增加 15% 至 2,140 萬美元。

This growth was driven primarily by expanded program offerings, improved retention and stronger execution across our existing campus platform. With Contra Costa Medical Career College now fully integrated into the prior year comparison base, Q3 demonstrates Legacy's ability to generate organic growth from a larger, more mature operating platform.

此成長主要由課程項目擴增、留任率提升，以及我們既有校區平台更強的執行力所帶動。隨著 Contra Costa Medical Career College 現已完全納入去年同期比較基期，第三季展現 Legacy 能夠在更大、更成熟的營運平台上創造有機成長。

Adjusted EBITDA increased to $4.4 million compared to $3.9 million last year. Net income increased to $3 million compared to $2.8 million last year. Diluted earnings per share increased to $0.22 compared to $0.21 in the prior year period. Importantly, Q3 reflects continued sequential progress. Revenue increased from $19.2 million in Q2 to $21.4 million in Q3. For the first nine months of fiscal 2026, revenue increased to $60 million compared to $46.2 million last year, an increase of nearly 30%.

調整後 EBITDA 增加至 440 萬美元，去年同期為 390 萬美元。淨利增加至 300 萬美元，去年同期為 280 萬美元。稀釋後每股盈餘增加至 0.22 美元，去年同期為 0.21 美元。重要的是，第三季反映出持續的逐季進展。營收由第二季的 1,920 萬美元增加至第三季的 2,140 萬美元。2026 會計年度前九個月，營收增加至 6,000 萬美元，去年同期為 4,620 萬美元，增幅接近 30%。

So while the year-over-year growth rate in Q3 reflects comparisons against a larger operating base, the underlying trajectory remains strong, a larger platform continuing to grow profitably, improved leverage and build capacity for the next phase. In Q2, we outlined priorities around program expansion, technology-enabled delivery, retention, Contra Costa's full integration and disciplined expansion.

因此，儘管第三季的年增率反映了與更大營運基期的比較，但基本成長軌跡仍然強勁：更大的平台持續獲利成長、槓桿改善，並為下一階段建立產能。在第二季，我們已說明在課程擴張、科技賦能的教學交付、留任、Contra Costa 的全面整合，以及有紀律的擴張等方面的優先事項。

Q3 reflects continued execution against those priorities. During the quarter, we converted program expansion into measurable enrollment opportunities. We added surgical tech cohorts across CCC, which is in Salinas and HDMC campuses of Lancaster and Temecula, generating 26 enrollments. And we added sterile processing across HDMC campuses and the ICH Pasadena campus, generating 49 enrollments.

第三季反映我們持續落實這些優先事項。在本季度，我們將課程擴張轉化為可衡量的招生機會。我們在 CCC（位於 Salinas）以及 HDMC 的 Lancaster 與 Temecula 校區新增手術技術（surgical tech）班次，帶來 26 名入學。我們也在 HDMC 各校區及 ICH Pasadena 校區新增無菌處理（sterile processing）課程，帶來 49 名入學。

Due to delayed state approvals, it shortened our marketing runway, giving us only a couple of weeks to enroll students, which didn't allow to fully fill these classes this quarter. We are also preparing CCC Salinas for the additional cardiac sonography and MRI program expansion in Q4.

由於州政府核准延遲，縮短了我們的行銷準備期，使我們只有短短幾週時間招收學生，因此本季度未能將這些班級完全招滿。我們也正在為 CCC Salinas 於第四季進一步擴增心臟超音波與 MRI 課程做準備。

In addition, we expanded facility capacity in Lancaster by adding 6,000 square feet. In Temecula, we secured a total of 53,000 square feet of a facility. This is expected to be assumed in stages, 5,000 square feet now, 31,000 square feet will come in June and 17,000 square feet will come in January 2028. These investments are designed to support current and future programs and enrollment growth. Together, these actions show disciplined execution and strengthen the operational infrastructure required to support a larger health care education platform.

此外，我們在 Lancaster 透過新增 6,000 平方英尺擴充校舍容量。在 Temecula，我們取得一處總計 53,000 平方英尺的設施。預計將分階段承接：目前先承接 5,000 平方英尺，31,000 平方英尺將於 6 月承接，另有 17,000 平方英尺將於 2028 年 1 月承接。這些投資旨在支持現有與未來課程以及招生增長。綜合而言，這些行動展現了有紀律的執行力，並強化支撐更大醫療照護教育平台所需的營運基礎設施。

One of the most important indicators in Q3 was the improvement in educational services expenses as a percentage of revenue. Educational services expense improved from 51.7% of revenue compared to 54.4% in the prior year quarter, representing a 270 basis points of improvement. This is a meaningful evidence that the model is scaling.

第三季最重要的指標之一，是教育服務費用占營收比重的改善。教育服務費用由去年同期占營收 54.4% 改善至占營收 51.7%，改善 270 個基點。這是該模式正在擴大規模的有力證據。

It shows that as we grow, we can generate leverage in our core academic delivery function while continuing to invest in faculty support, curriculum consistency, labs, student services and academic quality. At the same time, health care education requires capacity building before revenue is fully realized.

這顯示，隨著我們成長，我們能在核心學術交付職能上產生槓桿效益，同時持續投資於師資支援、課程一致性、實驗室、學生服務與學術品質。同時，醫療保健教育在收入完全實現之前，需要先行進行產能建置。

faculty, curriculum, labs, the equipment, compliance approvals, technology systems, facilities and clinical partnerships must be in place before programs and branches can scale effectively. This is why this quarter's growth-related spend was tied to branch readiness, selective acquisition evaluation, program infrastructure, training materials, software systems, marketing support for future student starts, compliance readiness and facility-based expansion.

師資、課程、實驗室、設備、合規核准、科技系統、設施與臨床合作夥伴，必須在課程與分校能有效擴張之前就到位。這就是為什麼本季與成長相關的支出，與分校就緒度、選擇性併購評估、課程基礎建設、訓練教材、軟體系統、支援未來新生入學的行銷支援、合規就緒度以及以設施為基礎的擴張相關。

These are not simply overhead costs. They are investments designed to support future enrollment growth, program expansion, branch development and long-term shareholder value creation. Because we are funding this capacity from current profitability and balance sheet strength, the growth strategy remains disciplined.

這些不僅僅是管理費用。它們是為了支持未來招生增長、課程擴展、分校發展以及長期股東價值創造而設計的投資。由於我們以當前的獲利能力與資產負債表實力來支應這些產能建置，我們的成長策略仍然保持紀律。

Branch expansion represents one of the important organic growth opportunities in front of Legacy. During Q3, we identified our next branch location. We signed a letter of intent for a facility and are finalizing the applications with the applicable state and federal regulatory agencies. While this process remains subject to required approvals, this is an important milestone in Legacy's next phase of growth. Our approach remains disciplined.

分校擴張代表 Legacy 面前重要的內生成長機會之一。在第三季，我們確定了下一個分校地點。我們已就一處設施簽署意向書，並正在與相關州與聯邦監管機構完成申請程序。雖然此流程仍須取得必要核准，但這是 Legacy 下一階段成長的重要里程碑。我們的方法仍然保持紀律。

We're focused on markets with clear workforce demand, strong student opportunities, appropriate program alignment, regulatory feasibility and potential for meaningful long-term financial contribution. Q3's progress demonstrates that Legacy is moving from planning to execution on organic expansion from a position of strength with profitability, liquidity, low leverage and an operating platform capable of supporting disciplined growth.

我們聚焦於具備明確勞動力需求、強勁學生機會、適當課程匹配、監管可行性，以及具備可觀長期財務貢獻潛力的市場。第三季的進展顯示，Legacy 正從規劃走向執行，在獲利能力、流動性、低槓桿，以及可支援有紀律成長的營運平台等優勢基礎上推動內生擴張。

Our tech-and-touch approach remains practical and focused, the use of technology where it improves visibility, consistency and early intervention while keeping faculty engagement and hands-on instructions at the center of health care education. During Q3, we continued advancing targeted academic tools, curriculum consistency, faculty development and student support practices that help strengthen retention and outcomes. The goal is not technology for its own sake.

我們的「科技加觸達（tech-and-touch）」方法仍然務實且聚焦：在能提升可視性、一致性與及早介入之處運用科技，同時將師資投入與實作教學置於醫療保健教育的核心。在第三季，我們持續推進具針對性的學術工具、課程一致性、師資發展與學生支援作法，以強化留任率與成果。目標並非為了科技而科技。

The goal is more consistent and scalable academic model. Retention remains one of the clearest indicators of student engagement, academic quality, faculty support and operating discipline. Legacy already operates with a strong retention profile. And during the quarter, we saw even further improvement in overall attrition trends. Retention is an important proof point that Legacy is building a platform capable of supporting students through completion, employment and long-term institutional value creation.

目標是建立更一致且可擴展的學術模式。留任率仍是衡量學生投入、學術品質、師資支援與營運紀律最清晰的指標之一。Legacy 目前已具備強勁的留任表現。而在本季，我們看到整體退學趨勢進一步改善。留任率是重要的驗證點，證明 Legacy 正在打造一個能支持學生完成學業、就業，以及創造長期機構價值的平台。

As we continue to operate with a compliance-first mindset, our accreditations and Title IV participations remain fully intact. In Q3, our Integrity College of Health in Pasadena received a six-year reaccreditation grant, the maximum period awarded by our accreditor ABHES. And we recently announced a five-year reaccreditation grant renewal for Contra Costa Medical Career College through our accreditor ACCET.

在我們持續以「合規優先」的思維營運下，我們的認證與 Title IV 參與資格仍完全有效。在第三季，我們位於帕薩迪納（Pasadena）的 Integrity College of Health 獲得六年期再認證核准，這是我們的認證機構 ABHES 所授予的最長期間。此外，我們近期也透過認證機構 ACCET，宣布 Contra Costa Medical Career College 的五年期再認證核准續期。

These outcomes reflect the strength of our academic delivery, student outcomes, institutional compliance and continuous improvement culture. The regulatory environment in career education continues to evolve, and we remain actively engaged in monitoring Department of Education development on broader sector policy activity.

這些成果反映了我們在學術交付、學生成果、機構合規與持續改善文化方面的實力。職業教育的監管環境持續演變，我們也持續積極關注教育部在更廣泛產業政策動向上的發展。

These higher standards favor institutions that are well capitalized, outcomes-focused, compliance-oriented and capable of executing consistently across multiple campuses and programs. Importantly, our strategy aligns with where the industry is moving.

這些更高的標準有利於資本充足、以成果為導向、重視合規，且能在多個校區與課程間一致執行的機構。重要的是，我們的策略與產業發展方向一致。

We also continue evaluating selective acquisition opportunities that align with our health care-focused platform. Our objective is to not simply buy revenue. It is to acquire institutions or programs where Legacy can improve execution, strengthen outcomes and expand capabilities and create a long-term value over time.

我們也持續評估與我們以醫療保健為核心的平台相契合的選擇性併購機會。我們的目標不只是買進營收。而是收購 Legacy 能夠改善執行、強化成果、擴展能力，並隨時間創造長期價值的機構或課程。

As of March 31, 2026, cash and equivalents were $21.7 million. Stockholders equity increased to $49.5 million, and debt levels continue to remain minimal. We believe profitability, low leverage, available capital and disciplined execution are competitive advantages. We are using our financial strength to create capacity for future growth.

截至 2026 年 3 月 31 日，現金及約當現金為 2,170 萬美元。股東權益增加至 4,950 萬美元，負債水準仍維持在極低。我們相信，獲利能力、低槓桿、可用資本與有紀律的執行是競爭優勢。我們正運用財務實力為未來成長創造產能。

With that, I'll turn the call over to Brandon Pope for a more detailed review of our financial performance. Brandon?

接下來，我將把電話會議交給 Brandon Pope，請他更詳細回顧我們的財務表現。Brandon？

Thank you, LeeAnn. Legacy delivered another strong quarter with continued revenue growth, increased profitability, improved educational services leverage and disciplined operating execution while funding future growth initiatives.

謝謝你，LeeAnn。Legacy 再次交出強勁的一季，營收持續成長、獲利能力提升、教育服務的槓桿效益改善，並以有紀律的營運執行，同時為未來成長計畫提供資金。

Let's review our third quarter fiscal 2026 results. Revenue increased 15% to $21.4 million from $18.6 million last year, supported by a 1,078 new student starts driven by expanded program offerings, improved retention, which resulted in a 9.4% increase in student population to 3,550 from 3,245.

讓我們回顧 2026 財政年度第三季的業績。營收較去年增加 15%，由 1,860 萬美元增至 2,140 萬美元；在擴大課程供給與留任率改善的帶動下，新生入學人數為 1,078 人，並使學生總數由 3,245 人增加 9.4% 至 3,550 人。

EBITDA increased 8% to $4.1 million from $3.8 million last year. Adjusted EBITDA increased 12.6% to $4.4 million from $3.9 million last year. Adjusted EBITDA margin was 20.6%. Our effective tax rate was 28.7% compared to 28.6% last year. Net income increased 7.5% to $3 million from $2.8 million last year, and diluted EPS increased 4.8% to $0.22 from $0.21 last year.

EBITDA 較去年增加 8%，由 380 萬美元增至 410 萬美元。調整後 EBITDA 較去年增加 12.6%，由 390 萬美元增至 440 萬美元。調整後 EBITDA 利潤率為 20.6%。我們的有效稅率為 28.7%，去年為 28.6%。淨利較去年增加 7.5%，由 280 萬美元增至 300 萬美元；稀釋後每股盈餘（EPS）較去年增加 4.8%，由 0.21 美元增至 0.22 美元。

Turning to third quarter operating expenses. Educational services expense totaled $11 million or 51.7% of revenue compared to $10.1 million or 54.4% of revenue last year. The 270 basis points improvement was primarily due to operating efficiencies and compensation, offset by increases in externship fees and non-cash compensation.

接著看第三季的營運費用。教育服務費用合計 1,100 萬美元，占營收 51.7%，去年為 1,010 萬美元，占營收 54.4%。改善 270 個基點主要來自營運效率與薪酬因素，但部分被實習（externship）費用與非現金薪酬增加所抵銷。

General and administrative expenses were $6.2 million or 28.8% of revenue compared to $4.6 million or 24.9% of revenue last year. The increase as a percentage of revenue was primarily due to marketing investments supporting current and future student starts, bad debt expense associated with higher revenue enrollment levels and infrastructure investments related to program growth, branch readiness, compliance, software systems and operational scalability.

一般及行政費用為 620 萬美元，占營收 28.8%，去年為 460 萬美元，占營收 24.9%。占營收比重上升主要由於：支援當前與未來新生入學的行銷投資、與較高營收招生水準相關的壞帳費用，以及與課程成長、分校就緒度、合規、軟體系統與營運可擴展性相關的基礎建設投資。

Bad debt expense remained consistent at 5% of revenue. Overall, third quarter reflects continued demand in our programs, improved retention across the platform and disciplined operating performance as we continue scaling the business.

壞帳費用維持一致，為營收的 5%。整體而言，第三季反映出我們課程需求持續、平台整體留任率改善，以及在持續擴大業務規模的同時維持有紀律的營運表現。

Looking at our nine months ended fiscal 2026 results, revenue increased 29.7% to $60 million from $46.2 million last year, driven by a 12.7% increase in new student starts to 2,788 from 2,473 last year. EBITDA increased 16.1% to $9.6 million from $8.3 million last year. Adjusted EBITDA increased 22.3% to $10.5 million from $8.6 million last year. Our effective tax rate was consistent at 28.1% Net income increased 15.1% to $7.3 million from $6.3 million last year, and diluted earnings per share increased to $0.52 compared to $0.51 last year.

就 2026 財政年度截至目前九個月的業績而言，營收較去年增加 29.7%，由 4,620 萬美元增至 6,000 萬美元，主要由新生入學人數增加 12.7%（由去年的 2,473 人增至 2,788 人）所帶動。EBITDA 較去年增加 16.1%，由 830 萬美元增至 960 萬美元。調整後 EBITDA 較去年增加 22.3%，由 860 萬美元增至 1,050 萬美元。我們的有效稅率維持一致，為 28.1%。淨利較去年增加 15.1%，由 630 萬美元增至 730 萬美元；稀釋後每股盈餘增至 0.52 美元，去年為 0.51 美元。

Now turning to our nine months operating expenses. Educational services expense totaled $31.7 million or 52.8% of revenue compared to $24.8 million or 53.7% of revenue last year. The decrease as a percentage of revenue was primarily attributable to operating efficiencies and compensation and facility costs, partially offset by increases in externship fees and non-cash compensation. General and administrative expenses were $18.4 million or 30.7% of revenue compared to $12.9 million or 28% of revenue last year.

現在轉到我們九個月的營運費用。教育服務費用合計3,170萬美元，占營收的52.8%，相較去年為2,480萬美元，占營收的53.7%。占營收比重下降主要歸因於營運效率提升以及薪酬與設施成本，部分被實習（externship）費用與非現金薪酬增加所抵銷。一般及行政費用為1,840萬美元，占營收的30.7%，相較去年為1,290萬美元，占營收的28%。

The increase as a percentage of revenue was primarily attributable to increased professional fees, marketing, bad debt expense and growth-related investments supporting program expansion, branch readiness, compliance infrastructure, software systems and operational scalability.

占營收比重上升主要歸因於專業服務費用、行銷、壞帳費用增加，以及支持課程擴張、分校就緒、法遵基礎建設、軟體系統與營運可擴展性的成長相關投資。

These results continue to demonstrate the strength of the platform and our ability to grow while maintaining profitability and funding the infrastructure needed for future growth. Now let's turn to the balance sheet. As of March 31, 2026, we have a strong balance sheet with $21.7 million in cash and working capital of $30.9 million and low debt of only $600,000.

這些結果持續展現平台的強勁實力，以及我們在維持獲利能力的同時成長並投入未來成長所需基礎建設的能力。現在我們來看資產負債表。截至2026年3月31日，我們的資產負債表穩健，現金2,170萬美元，營運資金3,090萬美元，且負債很低，僅60萬美元。

Our accounts receivable reserve as a percentage of accounts receivable increased slightly to 12.2% from 11.5% last quarter. This reflects the timing of quarterly accounts receivable write-offs as we implemented a quarterly analysis this year compared to an annual analysis last year. Operating cash flow remained positive at $2.9 million and reflects the timing of Title IV disbursements and income tax payments within the quarter.

我們的應收帳款備抵占應收帳款的比例，從上季的11.5%小幅上升至12.2%。這反映了應收帳款按季核銷的時點；今年我們改採按季分析，而去年為年度分析。營運現金流仍為正，達290萬美元，並反映本季內Title IV撥款與所得稅付款的時點影響。

We believe our strong liquidity position, low leverage and continued profitability provide meaningful flexibility as we fund future growth initiatives.

我們相信，強勁的流動性部位、低槓桿與持續獲利，為我們在資助未來成長計畫時提供了實質的彈性。

This balance sheet gives us optionality. It allows us to support organic growth, invest in new program and branch development, evaluate selective acquisitions and maintain resilience in a regulated and evolving operating environment. We remain focused on disciplined capital allocation and long-term shareholder value creation.

這份資產負債表讓我們擁有更多選擇權。它使我們能支持有機成長、投資新課程與分校開發、評估選擇性併購，並在受監管且持續演變的營運環境中維持韌性。我們仍專注於審慎的資本配置與長期股東價值創造。

With that, I'll turn it back to LeeAnn.

接下來我把時間交回給LeeAnn。

Thank you, Brandon. As we look ahead, we believe Legacy is entering its next stage as a scalable health care education platform. Over the past several years, we have built the foundation, campus scale, program breadth, acquisition, integration capabilities, compliance infrastructure and public company discipline.

謝謝你，Brandon。展望未來，我們相信Legacy正進入下一階段，成為具可擴展性的醫療照護教育平台。過去幾年，我們已建立基礎，包括校區規模、課程廣度、併購與整合能力、法遵基礎建設，以及作為上市公司的紀律。

Now we're focused on converting that foundation into the next stage of growth through organic new programs, branch expansion, improved retention, operating leverage, technology-enabled academic delivery and selective acquisition opportunities. Our strategy remains clear: responsible growth, strategic scale, compliance discipline, student outcomes and long-term shareholder value.

現在我們專注於把這些基礎轉化為下一階段的成長動能，透過有機的新課程、分校擴張、提升留任率、營運槓桿、科技賦能的教學交付，以及選擇性的併購機會。我們的策略依然清晰：負責任的成長、策略性規模、法遵紀律、學生成果與長期股東價值。

Importantly, we are pursuing the strategy while continuing to deliver revenue growth, earnings growth, improved educational services leverage, strong liquidity, low leverage and disciplined financial execution. We are not sacrificing profitability to grow. We are using profitability to build a larger, stronger, more scalable health care education platform.

重要的是，我們在推進策略的同時，持續交出營收成長、獲利成長、教育服務費用槓桿改善、強勁流動性、低槓桿與嚴謹的財務執行。我們不會為了成長而犧牲獲利能力。我們是運用獲利能力來打造更大、更強、且更具可擴展性的醫療照護教育平台。

Legacy sits at the intersection of health care workforce demand, career-focused education, operational scalability and disciplined execution. We believe that combination creates a meaningful long-term opportunity, supported by durable demand and a balance sheet that allows us to invest from strength.

Legacy位於醫療照護人力需求、職涯導向教育、營運可擴展性與嚴謹執行的交會點。我們相信，這樣的組合在長期上帶來具意義的機會，並由持久的需求與讓我們能以優勢投入的資產負債表所支撐。

With that, I will turn it over to the operator to open the line for questions. Operator?

接下來我把時間交給接線員，開放提問。接線員？

(Operator Instructions)

（接線員指示）

Jeffrey Cohen, Ladenburg Thalmann.

Ladenburg Thalmann的Jeffrey Cohen。

Good afternoon, Leanne and Brandon. Thanks for taking our questions. A couple from our end. So firstly, talk a little bit more about M&A and also organic growth as far as taking on additional square footage and talk about locations, both perhaps in the state of California and maybe any color or flavor beyond California?

下午好，Leanne和Brandon。謝謝你們回答我們的問題。我們這邊有幾個問題。首先，能否多談一些併購（M&A），以及有機成長方面，例如增加額外的使用面積（square footage）與據點布局；地點方面，包含加州境內，以及是否能提供一些加州以外的資訊或方向？

Hey, Jeff, great to hear from you. And I'm going to try to remember all of this. You might have to jump back in. But branch expansion, as we have been talking about, has been part of our plan from both branch level as well as acquisitions. And we are now teed up in terms of our branch expansion.

嗨，Jeff，很高興聽到你的聲音。我會盡量把這些都記住。你可能需要再補充提醒我。如同我們一直在談的，分校擴張一直是我們計畫的一部分，包含分校層級的擴張以及透過併購。而目前就分校擴張而言，我們已經準備就緒。

I want to wait for the sub -- like the approvals that I believe we're close to, but it will be outside of California. So we're excited about what we went through in terms of the opportunities for the programs that we offer in the states that we're looking for that would be ready to receive us and ready for the growth.

我想先等一下子——像是我認為我們已接近取得的那些核准——但會是在加州以外。因此，我們對於所經歷的機會感到興奮：在我們正在評估的州別中，我們所提供的課程有很好的機會，那些州也已準備好接納我們並迎接成長。

As it relates to the acquisition opportunities, we are well into looking at a few that we are hopeful that we're going to maintain. I'm maintaining my bullish spirit that we're close and that these will complement well with regard to what we are looking at, and it's so robust and rich out there. Did you mention programs and organic growth?

至於併購機會，我們已深入評估幾個標的，也希望能持續推進。我仍保持樂觀，認為我們已接近達成，且這些標的將能很好地補足我們正在尋找的方向；外部市場非常強勁且機會豐富。你剛剛有提到課程與有機成長嗎？

No. I'm going to jump to my second question. So can you talk about, on one hand, the pipeline and the demand from students for Legacy and student starts and how that funnel looks like? And then on the other end, could you talk about employers' demand for students, placement data outcomes, et cetera? Thank you.

沒有。我跳到第二個問題。能否談談一方面，Legacy在學生端的招生管道（pipeline）與需求、學生開課/入學（student starts）以及整個漏斗（funnel）的狀況？另一方面，也請談談雇主端對學生的需求、就業安置數據成果等。謝謝。

Absolutely. So the Legacy programs that we currently offer, again, we remain incredibly competitive in the area of our medical support programs, which are our short programs. We have just put up all of our outcomes for the year, and our outcomes are strong with regard to placing in each of the communities that we serve, and those programs are still in demand.

當然可以。就Legacy目前提供的課程而言，我們在醫療支援類課程（也就是短期課程）方面依然極具競爭力。我們剛公布了本年度所有成果數據；在我們服務的各個社區，就業安置成果表現強勁，而這些課程仍然有需求。

As you look at our longer programs, our most recent in the imaging and in particular, nursing and the recent surg-tech and sterile processing, we remain incredibly competitive and our communities are looking for these programs because we don't have a lot of other institutions that are teaching surg-tech, sterile processing, cardiac sonography.

再看我們較長期的課程，最新的影像相關課程，特別是護理，以及近期的手術技術（surg-tech）與無菌處理（sterile processing），我們依然非常有競爭力；社區也在尋求這些課程，因為能教授手術技術、無菌處理、心臟超音波（cardiac sonography）的機構並不多。

So these programs that we have added are high in demand and the employers are seeking us, and we are actually already partnered with them for the -- to receive our students in the externship component of their programs.

因此，我們新增的這些課程需求很高，雇主也在尋求與我們合作；事實上，我們已與他們合作，讓他們在課程的實習（externship）環節接收我們的學生。

Super, that's very helpful. Thanks very much for taking our questions. Nice quarter.

很好，這非常有幫助。非常感謝回答我們的問題。這一季表現不錯。

Thank you, Jeff.

謝謝你，Jeff。

Mike Grondahl, Northland Securities.

Northland Securities的Mike Grondahl。

Thank you, Leanne and Brandon. I wanted to drill down a little bit on the expansion at Lancaster and Temecula. Could you say again what the square footage was? But then also give us an indication of the ramp in enrollment and maybe what is the total capacity at each one for new students?

謝謝你，Leanne和Brandon。我想更深入了解Lancaster與Temecula的擴張。你們能再說一次使用面積是多少嗎？另外也請提供招生爬坡（ramp）的情況，以及每個據點可容納的新生總容量大約是多少？

Sure. So let me kind of break that down. For Lancaster, currently in 26,000 square feet, and we added 6,000 more square feet there. We added that 6,000 square feet. We've already ramped it up, and we have moved our imaging programs over into that additional 6,000 square feet in Lancaster.

當然。我來把它拆開說明。Lancaster目前是26,000平方英尺，我們在那裡再增加了6,000平方英尺。我們已經把這6,000平方英尺擴充完成並逐步拉升使用。我們已將影像相關課程移到Lancaster新增的這6,000平方英尺空間中。

And in Temecula, we are currently sitting in 16,000 square feet. And this is where we have looked at where our future like by '28 that we will look to put all of the Temecula students into 53,000 square feet, but we want to do it in a phased-in approach. We took 5,000 square foot now because as we added surg-tech and sterile processing here, we moved our nursing students over into the 5,000 square feet in Temecula.

而在特梅庫拉（Temecula），我們目前使用的是16,000平方英尺。我們也已經規劃了到2028年左右的未來布局，屆時我們希望把所有特梅庫拉的學生安置到53,000平方英尺的空間中，但我們希望採取分階段導入的方式來完成。我們現在先承租了5,000平方英尺，因為當我們在這裡新增外科技術（surg-tech）與無菌處理（sterile processing）課程時，我們把護理學生移到特梅庫拉的這5,000平方英尺空間。

As we ramp up these programs that we are currently offering, that's where we'll take on the additional 30,000 square feet to start moving programs over there. We'll do that up through June so that there's no disruption and there's no delay with regard to enrolling for any of these programs.

隨著我們目前提供的這些課程逐步擴大規模，我們就會再增加30,000平方英尺的空間，開始把課程搬到那邊。我們會一路做到6月，以確保不會造成任何中斷，也不會在任何課程的招生報名上出現延誤。

And taking on the cost for that too, we're doing over a phased-in approach. The capacity at these campuses right now, both Lancaster and Temecula are some of our larger campuses, and we have well over 800 -- like 800-plus students in Lancaster and just over 800 students in Temecula. This expansion will allow us to comfortably take ourselves up well into the 1,000 to close to 1,200 to 1,500 additional students.

而在承擔相關成本方面，我們也採取分階段的方式。目前這些校區的容量方面，蘭開斯特（Lancaster）與特梅庫拉都是我們較大的校區之一；蘭開斯特有超過800名學生（約800多名），特梅庫拉也剛超過800名學生。這次擴張將讓我們能更從容地把規模提升到1,000名以上，接近1,200名，甚至再增加到1,500名學生。

And would you say that I'm going to say this generally, 800 at each location to, say, 1,000 to 1,200, is that over the next one to two years? How do you see that playing out?

那你會不會說，我先用較概括的方式問：每個據點從約800人提升到例如1,000到1,200人，這是在未來一到兩年內發生嗎？你怎麼看這個進程？

That's over the next one to two years, given the new programs that we would be adding and then the ramp-up for those new programs that we would be adding, that's where we would see it coming into the next 12 to 24 months.

是的，這是在未來一到兩年內。考量到我們將新增的新課程，以及這些新課程的逐步擴招爬坡，我們預期會在接下來12到24個月內看到這樣的成效。

Got it. And then I know the new branch location is in LOI, but what type of capacity is there? And how would you see enrollment ramping?

了解。另外我知道新的分校據點目前在意向書（LOI）階段，那邊的容量大概是多少？你預期招生會如何爬坡？

Excellent question. Enrollment ramping is the approvals that we currently have in the Central Coast College campus, it's where we would be able to take those programs, and we will be approved over there for all of them, except for the additional requirements that are going to be required for nursing.

很好的問題。招生爬坡取決於我們目前在中央海岸學院（Central Coast College）校區已取得的核准；我們可以把那些課程帶到那邊，而且除了護理課程需要額外要求之外，其餘課程我們都能在那邊獲得核准。

So we will have a phased in kind of longer term that we will be able to get nursing ramped up, but we will have close to 17 programs that we will be able to roll out as soon as we open the doors there. And in terms of the square footage, we are looking at 25,000 square feet, approximately.

因此，護理課程的擴招會以較長期、分階段的方式推進；但在我們一開門營運後，就能立即推出接近17個課程。至於面積方面，我們目前規劃約25,000平方英尺。

And so that's a lot. That new branch, if everything plays out as you envision, does that also support 600 to 800 students over a couple of years?

那確實很大。如果一切如你所預期，那個新分校是否也能在幾年內支撐600到800名學生？

Yes. There's opportunity for us to be able to expand in the location that we've identified to be able to get it upwards to adding additional square footage right at the same facility.

是的。在我們已鎖定的地點，還有機會在同一個設施內再擴增面積，進一步增加額外的平方英尺。

Got it. That's helpful. And then maybe lastly, you mentioned this surgical tech and sterile processing programs that you rolled out at a couple of campuses. Are those continuing to ramp in June? And I guess, what kind of capacity is left there? You mentioned 26 students and then 49 enrolling in the sterile processing. Is there quite a bit of capacity left?

了解。這很有幫助。最後可能再問一下：你提到你們在幾個校區推出了外科技術與無菌處理課程。這些課程在6月還會持續爬坡嗎？另外，那邊還剩下多少容量？你提到外科技術有26名學生，無菌處理有49名報名。是否還有相當多的剩餘容量？

Yes, there's capacity left. And for us, because of the fact that we didn't anticipate the state approvals, to take the longer period of time for us to get the state approvals, it just shortened our marketing runway. So as we see our leads flow up, it is we're positioned. We already have the faculty. We have the capacity and we can add students. We just needed more time to be able to get those classes filled than we had.

是的，還有剩餘容量。對我們而言，因為我們沒有預期州政府核准會花更長時間，州政府核准所需時間拉長，等於縮短了我們的行銷準備期。因此，當我們看到潛在客戶線索（leads）增加時，我們其實已經就位。我們已經有師資。我們有容量，也能再增加學生。只是我們需要比原本更多的時間來把班級招滿，但當時我們沒有那麼多時間。

Got it. You have the state approvals now, correct?

了解。你們現在已經拿到州政府核准了，對嗎？

Yes, we have the state approvals now, and that's where you see that we got the 26 enrollments. And then in the sterile processing, we had the 60 enrollments.

是的，我們現在已經拿到州政府核准了，所以你才會看到我們有26名入學。而在無菌處理方面，我們有60名入學。

Got it. And it's continuing to ramp up this quarter in June?

了解。那在本季6月還會持續爬坡嗎？

Yes. Yeah. And then also, as you know in my comments that for Q4, we are also then for, in Salinas, rolling out the MRI and the cardiac sonography

會的。是的。另外，如你在我評論中所知，到了第四季（Q4），我們也會在薩利納斯（Salinas）推出MRI與心臟超音波（cardiac sonography）課程。

Got it. Thank you. That's all for me.

了解。謝謝。我這邊就到這裡。

Operator.

接線員。

Yes, no further questions at this time. I'll pass it back to you, LeeAnn, for closing remarks.

是的，目前沒有其他問題。我把時間交還給你，LeeAnn，請你做結語。

Thank you. Q3 reflects continued progress, disciplined execution and confidence in our long-term strategy. We delivered growth and profitability while funding the infrastructure that supports Legacy's next phase. We are proving that Legacy is not only growing, Legacy is scaling with discipline.

謝謝。第三季（Q3）反映出我們持續的進展、嚴謹的執行力，以及對長期策略的信心。我們在投入支持Legacy下一階段的基礎建設資金的同時，也實現了成長與獲利。我們正在證明，Legacy不僅在成長，Legacy也在以紀律擴大規模。

We remain focused in empowering students, supporting employers, advancing health care education and creating sustained value for shareholders to our employees and faculty, thank you, thank you, thank you for your dedication to our students and our mission. To our students, thank you for trusting Legacy Education with your career goals.

我們仍專注於賦能學生、支持雇主、推進醫療保健教育，並為股東創造可持續的價值。對我們的員工與教師，謝謝、謝謝、謝謝你們對學生與使命的投入與奉獻。對我們的學生，謝謝你們信任Legacy Education，並把你們的職涯目標交託給我們。

And to our shareholders, thank you, thank you, thank you, for your continued confidence and support. We appreciate your continued interest in Legacy Education and look forward to updating you next quarter. Operator, back to you.

也對我們的股東，謝謝、謝謝、謝謝你們持續的信心與支持。我們感謝各位持續關注Legacy Education，並期待在下個季度向各位更新進展。接線員，交還給你。

Thank you. And with that, ladies and gentlemen, this does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time and have a wonderful rest of your day.

謝謝。各位女士、先生，今天的電話會議到此結束。感謝各位的參與。現在各位可以掛斷電話線，祝各位今天剩餘時間愉快。